Answered: nting in the United States follows…

nting in the United States follows Generally Accepted Accounting Principles (GAAP), which are based on certain assumptions and principles.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are based on certain assumptions and principles.

Explain each of the four main assumptions and then give your own example for each.

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